...so what you are saying is those who anticipate the change but enter too early are giving you your "out" with their protective stop. Similarly a person who does not anticipate the change and therefore enters too late is going to provide a possible "out" for you -- or just add fuel to the fire once direction has turned. Of course it all depends on the depth of their stop and the ground covered by the traverse at hand. Wow! I guess (everyone else's) protective stops really ARE vital to making money ! JT
You post is really terrific and has many well chosen points. There are many people who go through the adventure of making money. I posted the 20 Q's that scope out the path. Naturally, there are Q's on several levels of increasing focus for each of the 20Q's. this is a path to set up what a person wants to do as he connects to the market. A personalized path that the person perfects.. Many wise people here suggest and explain that "getting it" and "getting it right" has no substitute. Also, if you substitute your rules for trading that usurp the market's role, you get screwed. I enjoy reading a lot of threads here and I do not participate in most of them. There is no point. They are not productive for anyone who is going to be very very wealthy. But there are threads that do raise the Q's that lead to "getting it straight" for individuals who are going to be the winners. Markets are very giving. Tons and tons of money changes hands all the time... At some point it is all KISS. You "read" it all and just take out what is offered continually. To get to KISS, you need to dump all the bull$hit in the garbage. An annecdote. I had offices in the building on wall street where G. Washington had taken the oath. There was a fence there too. (Treasury building). It was one of my jobs to get some bicentennial action on Wall street lol.. So I commissioned some plays and got some musical agregations to get together some lunch time stuff for the troops on Wall street. Three little tasks to get to the "get go". Portable collapsable stage platform. Tear down the fence and let the city know that Wednesday noons were going to be messed up by people blocking traffic if the steps weren't sufficient. The first play was: "1, 2, 3, 4 dump the tea and start the war". "theatre in a trunk" were the performers. As you can see, the fence was disposed of permenantly. Out of towners can look at movies and see the disappearnace that way. Whoopie Goldberg's was a good one. Moral of the story: Dump the garbage and start your personalized trading with no BS or usurping the market's roles..
Gosh! Is THAT what I've been doing wrong for the last decade! I feel so silly. Will get back to work post-haste and develop the holy grail with that information. Once I've done so, will be sure to share it with everyone so that we can usher in a new era of prosperity... Just heard about this great new trading tool called the "moving average." Can't wait to test it out. :sigh: if only it was that easy. "futures trading is associated with a substantial risk of loss. In fact, if we had our way, we would just deposit your entire account as a commission. However, since we do have laws and need to 'play fair', we'll simply encourage you to trade frequently and generate hefty commissions. If we can only get 25% of your account before you blow out, well, its not nearly enough but guess its better than nothing. Good luck!" Not as cynical in real life as in this post.
Amen, man. You gotta put in the sweat and blood into MAKING it yourself. Noone's gonna share a good system with you. You might get lucky but thats like hitting a lottery. Good systems dont get sold and they dont get shared for free either. Thats a fact and exceptions only prove it, as they say. The longer you put off doing the tedious work, the further you put yourself away from making it in trading. Trust me, I wasted years waiting for the Prince on a white horse ride by and give me keys to the castle. It aint happening. You gotta storm the castle and take it over by force. Too much trouble? Step down and make way for those who are up to the task.
%%%%%%%%%%%%%%%%%%%%%%%%%% Enjoyed that basic read ; except the part where they said start with one contract. Glad i didnt start with one contract to learn to trade, laughing out loud; and we could add dont try to use all the rocket science a bull market .
I was doing this -- "seeing" this today in the PM long channel... we had no blocks to nailing a pt3 for the channel. I was watching those up spurts... and thinking in terms of where the protection was sitting. Very relaxing. When the R-L traverse came -- I was thinking of the pain they were feeling after being stopped out of their longs. I could "see" this emotion as prices shot up through the traverse. Also - very interesting to "see" the herd as the volume starts pinwheeling. More importantly to see when the herd is making a probable mistake. Great stuff (as usual) thanks for the post. JT